The MyPlace Playbook // 010?

Well, Canada just elected Mark Carney as Prime Minister, and if you’ve been near a TV or online recently, you've probably heard the buzz about his ambitious housing plan.

Big promises, big ideas, but let's face it, we've seen it before.

Governments love announcing changes. So, what does this mean for us here in the beautiful Kootenay region?

Here's my quick take to help keep your feet firmly on the ground.

Build Canada Homes – More than Just a Slogan?

At the heart of Carney’s housing strategy is "Build Canada Homes," a program aiming to double Canada’s home construction to around 500,000 units per year. It sounds impressive, and honestly, it could be. The federal government wants to get directly involved in building affordable housing, using Canadian technology and materials (mass timber production, prefab homes). With the Kootenays known for its lumber, we might see a nice boost locally as more of our timber heads to construction sites across the province.

Less Tax, More Savings (For First-Time Buyers)

One exciting part of the plan: removing GST on newly built homes under $1 million for first-time homebuyers. Think about it, on an $800,000 new home, that’s $40,000 you could keep in your pocket (or put into upgrading that kitchen!). It’s not in effect yet, but if you're eyeing a new build, it's worth watching. It could mean real savings soon.

Rentals Could Get Interesting Again

Remember MURB from the '70s? Probably not, but ask your parents, they might! The Multi-Unit Residential Building (MURB) tax incentive was a way to encourage building rental units by offering big tax breaks. Well, Carney’s bringing it back, and industry insiders think it's pretty attractive. For the Kootenays, it could mean more rental buildings popping up, easing pressure on housing availability for locals. Investors, keep your ears open, this might be your signal to jump in.

Cutting Through the Red Tape (Fingers Crossed!)

Carney's Liberals are also promising to halve municipal fees for new multi-unit projects. Good news, right? Faster permits, less hassle. In theory, this means more affordable homes built quicker, including right here in our communities. But, as always, we’ll need to see the details. Let’s hope this means fewer headaches and shorter waits for developers wanting to build housing that our region desperately needs.

Of course, housing isn’t just a federal game. Provinces and cities have a massive say. Expect a lot of coordination between Ottawa, Victoria, and even your local city council. Carney’s government is looking to use carrots, not sticks, by offering funding incentives to municipalities to speed up housing projects. The question is whether the cooperation will actually speed things up, or just create new bottlenecks. We're optimistic (cautiously!).

Market Regulations are staying Status Quo-ish

Don’t expect huge shifts overnight in terms of market regulations. Current measures, like the foreign buyers' ban and anti-flipping taxes, remain. But there's chatter about tweaking things to allow more foreign investments into new rental construction projects. Good news for resort towns like Fernie or Kimberley, where fresh capital could boost building projects without stirring too much controversy.

So, What’s the Bottom Line for You?

Here's the thing: policies come and go. Promises get made. Governments change. And while all these big, shiny plans sound exciting (and they could genuinely help long-term), you can't put your housing goals on pause waiting for Ottawa to figure it out.

Right now, here in the Kootenays, we're seeing more inventory hitting the market than we've had in a long time. Sellers are motivated, interest rates are manageable, and there are real opportunities to find great deals, especially if you act before the usual summer rush.

I’ve said it before and I’ll say it again, May long madness is real!

First-time buyers, watch for that GST exemption, but don’t let it stop you from snagging a good deal today. Investors and home builders, keep an eye out for upcoming incentives, but remember, good deals won't wait around forever.

At MyPlace Mortgages, our advice is simple: stay informed, stay proactive, and keep moving forward. While politicians sort out the details, your dream home or investment property could be right there waiting, no red tape required.

Carney’s got a bold plan, but the smart play is always to act on what’s available now. After all, "wait and see" is rarely the best mortgage advice.

As always, I’m here to chat, reach out and let’s make your housing goals happen today!

250-919-5474 Text anytime!

Cheers,
-Andrew